Singapore legislation

Clause 23

of Income Tax (Amendment) Bill

Clause 23

Amendment of section 37I

(1)

Section 37I of the principal Act is amended —

(a)

by deleting paragraph (a) of subsection (2A) and substituting the following paragraph:“(a)section 14 in respect of —

(i)

expenditure that falls within the definition of “qualifying training expenditure” under section 14R for which a deduction may be given under that section;

(ii)

expenditure that falls within the definition of “qualifying design expenditure” under section 14S for which a deduction may be given under that section;

(iii)

expenditure on the leasing of a PIC automation equipment under a qualifying lease for which a deduction may be given under section 14T; or

(iv)

expenditure on the licensing from another person of any qualifying intellectual property rights for which a deduction may be given under section 14W;”;

(b)

by inserting, immediately after paragraph (g) of subsection (2A), the following paragraph:“(ga)section 14W;”;

(c)

by deleting subsection (6);

(d)

by inserting, immediately after “14T,” in subsection (14A), “14W,”;

(e)

by deleting the words “or (15)” in subsection (16) and substituting the words “, (11A) or (15)”; and

(f)

by deleting the words “and (15)” in subsection (18) and substituting the words “, (11A) and (15)”.

(2)

Subsection (1)(a) (in relation to section 37I(2A)(a)(i), (ii) and (iii)) and (c) shall have effect for the year of assessment 2011 and subsequent years of assessment.

(3)

Subsection (1)(a) (in relation to section 37I(2A)(a)(iv)), (b) and (d) shall have effect for the year of assessment 2013 and subsequent years of assessment.

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